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Watch these BTC price levels as Bitcoin threatens to lose $27K support


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Bitcoin (BTC) regarded poised to surrender $27,000 as support on Might 17, with merchants ready for brand spanking new lows.

BTC/USD 1-hour candle chart on Bitstamp. Supply: TradingView

Whales meet low liquidity

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD buying and selling close to $26,800 on the time of writing.

The pair had staged a number of crosses of the $27,000 mark the day earlier than, with that degree forming a low-timeframe focus now vulnerable to breaking down.

BTC/USD annotated chart. Supply: Crypto Tony/ Twitter

“3 wave up into resistance, adopted by a retest and a rejection off resistance zone,” standard dealer Crypto Tony summarized about current exercise.

He added {that a} potential goal to look forward to was now $26,400.

Buying and selling account TraderSZ had beforehand predicted an “growth candle” to enter ought to the breakdown proceed.

“Small lengthy flush early within the morning,” one other standard dealer, Daan Crypto Trades, continued.

“On the Bybit futures chart we will see how asks had been stuffed and from there on out spot pushed price down to take out the longs that collected on this mini vary. Total nonetheless uneven and no clear course.”

Analyzing order e-book setup on Binance, monitoring useful resource Materials Indicators famous an total lack of liquidity.

The most important-volume merchants, it revealed, had diminished exercise to a minimal as a consequence, maybe due to that absence of cash exposing them to potential slippage.

Zooming out, nonetheless, an accompanying narrative for a lot of remained the idea of “uneven” price motion persevering with.

The present buying and selling vary, that includes as a key support and resistance zone from 2021 onward, confirmed no indicators of relinquishing management.

“For the subsequent few days I count on price motion to be uneven between $27.2k – $26.5k,” Titan of Crypto wrote in a single such market appraisal.

BTC/USD annotated chart. Supply: Titan of Crypto/ Twitter

$25,000 BTC price goal in shares comparability

Whereas bullish in the long run, buying and selling group Stockmoney Lizards offered a possible draw back goal of $25,000 on the day.

Associated: Bitcoin trader eyes CME gap with $24K BTC price dip target in play

Acknowledging the “head and shoulders” formation enjoying out throughout April — a bearish signal reported previously — it additionally offered the 25-week easy shifting common (SMA) as a doable support line.

The 25-week SMA stood at simply $23,100 on the day however was set to rise towards the potential retest in June.

BTC/USD annotated chart. Supply: Stockmoney Lizards/ Twitter

A separate publish nonetheless known as the general form of price efficiency a “well-known” sample, referencing related strikes on United States equities in years passed by. These strikes in the end resulted in a break to the upside.

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This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.